Euravia’s founder and chief executive has said he is “totally excited about the prospects” of the company after its £30 million sale.
Dennis Mendoros OBE said the sale announced last Friday is essential to keep the Kelbrook-based business moving forward and “is good news for everybody”.
Euravia provides maintenance, repair and overhaul solutions for a wide range of aircraft and helicopter gas turbine engines and has been purchased by Canadian giant Magellan Aerospace.
From its home in Colne Road, Euravia has established international reputation for delivering high quality, cost effective engine support, holding 19 international approvals supporting over 150 civil and defence customers in 50 different countries.
Mr Mendoros said: “This is most definitely excellent news and a huge opportunity for Euravia to go into the next phase of its international development.
“It gives us new opportunities in the North American market which represents 50% of the total revenue of the products we are offering and Magellan is committed to not only maintaining growth but increasing the pace of growth.”
Asked whether he was sad to sell on the business he founded and has developed since 1988, Mr Mendoros said: “No, you build a business up and you want to achieve something but you need get the benefits of that work.
“Euravia has matured and has reached a point where it needs to become part of a successful company and a much bigger family.
“Magellan is a Canadian company with 3,500 employees, factories in Canada, the US, England, Poland and India, it is very large.
“Aerospace is becoming global so companies that have reached a certain development or size need to be part of a much bigger corporation or remain at a similar level.
“I will become President of Euravia and no longer be Chief Executive as before but I will still be based in Kelbrook and I’m totally committed to the new company and its efforts.”
Euravia’s revenues for the financial year ending December 31st, 2014, were approximately £14m. and the purchase price will be subject to final adjustments, including an amount based on earnings achieved by Euravia over the next two years.